If your company has recently agreed to a merger or acquisition, it’s likely that you are experiencing a bunch of emotions and confusion about what you need to do. There are a lot of moving parts and your business is likely to go through a period of time where things are more up in the air than they have been. However, this doesn’t mean that it has to be complete chaos. In fact, this can be a time for growth and streamlining how you want to approach operations in the future.
Here’s how you can make the most of a merger or acquisition.
Alerting employees
It’s up to you at what point in the process you will want to let your employees know that there are going to be drastic changes. It might be early on when the contract is being put into place, or it could be when the deal is said and done. If possible, it is best to talk to employees one-on-one in order to let them know that their employment is soon going to be out of your hands. It’s not an easy conversation to have, but they deserve to know what is going on and the chance to prepare.
Defining roles
Knowing how involved you are planning to be in your company after a merger or acquisition is incredibly necessary. Will you be a member of a board or still have some say over the direction everything is going? Or are you planning on completely stepping aside and letting others handle things? Regardless, you should present a plan that details what your role (as well as what your former staff’s roles) will look like.
Keeping information secure
You’re also likely to be transferring valuable information from your hands to someone else. This data is the heart of your business, and your customers have trusted that you will keep it safe—even when your company is being merged or acquired. Make sure you have a virtual deal room in place so you can let that be the least of your concerns when you go to make changes within your business. The last thing you need on your conscience is lost data or that the deal fell through because of that reason.
Letting go
You’ve probably put years of time, money, and emotion into this business. It can be difficult to give it away—even if you still have some stake in the company. Remember to take some time for yourself and think about how this will affect your life moving forward. You might find yourself having mixed feelings including the excitement of letting go and moving on to new and different ventures and the sadness of saying goodbye to something you worked so hard on.
In summary
A merger or acquisition is hardly ever smooth, but it can be made a lot less difficult when you have strategies in place. Make sure to have a concrete plan for handing over your company and you’ll have an easier time doing it in almost every way possible.`
